Deductibles in the family health insurance plans: a big misconception
Since the craze of the schemes of the health insurance for families is increasing rapidly among the people, insurance companies are also laying their new rules and policies to trap the people. Deductibles are the topic that is forcing most of the people to think. As a result, some misconceptions are occurring in mind of the people.
There is some amount of charge which is also known as “fool’s premium” which is generally charged by the insurance companies at a low deductible. “Fool’s premium” means that to make the deductible amount less (say around 2000-5000$), companies are charging some of the additional charges which had to be paid per annum which is around 2880$. Therefore if there is no tragic or some catastrophic event in occur in the life of the consumer within the period of 6 months, and then he is considered himself as a loser. Hence it is advised to carefully notice the cost of various deductibles. Some question can be raised frequently: -
i. How much will the total cost be for the next highest and lowest deductible?
ii. How much time period will it take before a person will lose the benefit of the lower deductible by depositing the premium amounts?
But the policies of the companies are so rigid that none of the person could reach to his deductible. Generally the curve between the cost and benefit is a diminishing curve which is still a problem for the common people who are surviving on the low income.
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